• Austria's news in English

BauMax sale rumoured to be underway

The Local · 4 Dec 2014, 15:13

Published: 04 Dec 2014 15:13 GMT+01:00

Facebook Twitter Google+ reddit

The Reuters news agency disclosed on Thursday that according to an unnamed source familiar with the matter, the Austrian company BauMax is currently subject to a deal organized by Italian investment bank Mediobanca, who are the financial advisor on the deal.

The Austrian monthly news magazine News reported that binding offers were expected by December 18th.  A BauMax spokeswoman refused to comment on the report, saying only that a restructuring process was underway to protect the group's brand and the jobs of its employees.

"We are open for talks with investors," she said, adding that the future of BauMax beyond the restructuring process had to be secured.

The chain announced the sale of its Bulgarian subsidiary to a private investor in September, and 15 shops in Romania were sold in July.

The identities of the investors in the Italian deal have yet to be disclosed.

Story continues below…

Hans Peter Haselsteiner, CEO and owner of 25 percent of the Strabag construction group, decided to buy the modern art collection of Karlheinz Essl, owner of the ailing bauMax chain of hardware stores back in September as part of the rescue process for BauMax.

A fire-sale of parts of the Essl art collection in October through auction house Christies raised €60 million, however much more is needed to rescue the ailing retail chain, which has bank debt in excess of €638 million.

For more news from Austria, join us on Facebook and Twitter.

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Austrian police rescue 47 puppies from animal smuggler
Photo: Landespolizeidirektion Burgenland

Austrian police have seized 47 puppies found in a car at the Hungarian border.

Call for FPÖ chief's Facebook page to be shut
Heinz-Christian Strache. Photo: Facebook/Personal

The Austrian lawyer who filed a criminal case against the leader of the Freedom Party for inciting hatred has called for his Facebook page to be shut down.

Female terror suspect 'planned suicide attack'
Photo: Paul Gillingwater

Police have arrested the wife of a Chechen terror suspect after they found evidence that the pair were planning a suicide attack in Austria.

'Death must be Viennese', and not just at Halloween
Prater amusement features memento mori. Photo: Paul Gillingwater

Dominik Creazzi, "Paranormal Investigator" embossed on his jacket, strains his ears among the decaying tombstones of Vienna's central cemetery, the last resting place of three million mortals from Beethoven to "Rock Me Amadeus" singer Falco.

ECJ puts brakes on deportation of Iraqi family
Photo: ORF

An Iraqi family threatened with deportation has been granted a brief reprieve after the European Court of Justice recommended they be allowed to stay in Austria for the time being.

Flats evacuated after man swallows explosive substance
A decontamination squad was ordered in. Photo: MA 68 Lichtbildstelle

A block of flats in Vienna had to be evacuated after a suicidal resident swallowed a highly toxic and explosive substance.

'Horror clown' threatens bus driver in Vienna's Donaustadt
Pennywise, the original scary clown from the movie It. Photo: Warner Bros

A man disguised as a ‘horror clown’ threatened a bus driver in Vienna’s Donaustadt district and vandalised the bus.

Man lived with body of murdered lover for weeks

A man has been arrested in Graz after police discovered the body of his girlfriend hidden in the shower cubicle of their rented apartment.

Austrian far-right leader brands Merkel 'dangerous'
Heinz-Christian Strache. Photo: Facebook/Personal

The head of Austria's far-right Freedom Party has branded Angela Merkel Europe's most dangerous politician.

Austria 'horror clown' attacks leave several injured
Clown performers are not happy about the negative media stories. Photo: Graeme Maclean/Flickr

Several people have been injured in attacks by masked assailants dressed as 'creepy clowns' in the lead-up to Halloween.

12 brilliant German words you won't find in English
Sponsored Article
Last chance to vote absentee in the US elections
Five films which will change your mind about Austrian cinema
Those surprising Austrians!
100 years since the last emperor's death
Afghani family's new home in Austria
Der you learn Deutsch?
Delighted by the light
Beware these passport scams
Of course we skipped Oarsch
Foodies rejoice at the choice!
Travel & Tourism
10 years after her escape from captivity
Surviving the Brexit for British expats
Day 2 of the World Bodypainting Festival 2016
Is Islam hostile to Western society?
Bodypainting festival in southern Austria
Europe's ice cream capital
Best Austrian beauty spots
Travel & Tourism
Three days in Vienna as a tourist
How to make friends in Austria
jobs available